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Adaptive Planning Gets $22 Million

The new money is supposed to tickle its sales and product development, and push it into new channels and markets

Adaptive Planning, whose cloud-ified collaborative SaaS platform lets finance, sales, HR, and other management teams work together to plan, monitor, report on and analyze financial and operational performance using business data from across the organization, has gotten $22 million from Norwest Venture Partners. Existing investors Cardinal Venture Capital, Clairmont Capital, Monitor Ventures, and Onset Ventures kicked in.

The company had a $10 million D round in '08 and a $7.5 million C round in '07.

The new money is supposed to tickle its sales and product development, and push it into new channels and markets. It's targeting Excel and hopes to scale its direct sales and partner channels worldwide, and deliver a broad set of new performance management capabilities.

Its easy-to-use widgetry has budgeting, forecasting, reporting, consolidation, dashboards and business intelligence capabilities and claims 1,200 users (27,00 seats) including AAA, Boston Scientific, Konica Minolta, NetSuite and Philips. It's hiring.

The company's CEO John Herr, who spent six years at eBay and PayPal, was an executive-in-residence at Norwest.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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